The FTSE 100 dived 6% in afternoon trading on Wednesday as a result of glum retail sales data across the Atlantic.
Financials were most prominent in the downward trend although bus and train company FirstGroup is currently bottom after dropping more than 16%. Revenue growth at its North American bus arm, Greyhound, fell in Q4 2008, sparking the drop.
Barclays is also a contender for the bottom spot having so far fallen 14.29% after news it was to double the original number of job cuts to 4,200.
RBS and HBOS both continued to struggle, losing 14.48% and 11.60% respectively.
Wall Street has also reacted badly to the retail data which showed sales were worse than expected in December.
The Commerce Department said retail sales tumbled 2.7% to a seasonally-adjusted $343.2bn, compared with a revised 2.1% drop in November. Forecasts had been for a decrease of 1.2% for December.
On the back of this data the Dow Jones has so far lost over 3%, with Citigroup losing 13.9% after news it is to split its higher risk US consumer finance and securities operations from its global banking business.IFAonline
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